The pressures and dependencies on Wall Street are becoming starkly apparent as tax support and service costs are beginning to show their toll. The fact that this is the beginning for NJ should not come as a surprise, as the lagging impact from the financial sector begins to play catch-up with the rest of the country. This won't be another Phoenix, AZ for Hudson County but it's not the halfway mark either. The accompanying graphic is an addition to the previous post.
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S&P Case Shiller NY Metro Commutable Area Home Price Index
Low Tier (Under $290k) - Peaked in October 2006 and is down 22.66% from peak
Mid Tier ($290k-$428k) - Peaked in September 2006 and is down 21.0% from peak
High Tier (Over $428k) - Peaked in June 2006 and is down 16.11% from peak
Aggregate (Overall Market) - Peaked in June 2006 and is down 19.68% from peak
Condo-Only Index - Peaked in February 2006 and is down 10.83% from peak
NY Metro Area Aggregate Year over Year Changes
Mar 08 -7.48%
Apr 08 -7.98%
May 08 -7.74%
Jun 08-7.04%
Jul 08 -7.04%
Aug 08-6.61%
Sep 08 -7.13%
Oct 08 -7.71%
Nov 08 -8.71%
Dec 08 -9.15%
Jan 09 -9.74%
Feb 09 -10.33%
Mar 09 - 11.79%
Unlike the broader market, which showed a slowing pace of price declines in March, the NY Metro Area saw price declines continue to accelerate to the fastest pace yet this cycle.
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